Chemical licensing involves providing proprietary technologies to manufacturers for carrying out any manufacturing process or activities related to the oil & gas sector. Chemical technology licensing ensures that technologies used in manufacturing processes are sustainable and eco-friendly. Factors driving the chemical licensing market include growing number of chemical manufacturing industries across the globe, increasing oil & gas exploration activities, rising need for more number of downstream processing industries, and strict regulatory scenario regarding effects of manufacturing processes on the environment. The adoption of chemical licensing is currently very limited and higher cost of licensing technologies is functioning as a restraint to the market. However, growing awareness about the environment and stricter regulatory policies are likely to drive the market in the next few years.
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Global Chemical Licensing Market: Key Segments
The chemical licensing market can be segmented based on type and end-use industry. In terms of type, the chemical licensing market can be classified into C1 derivatives, C2 derivatives, C3 derivatives, C4 derivatives, and others. C2 derivatives is estimated to be the leading type segment, while C3 derivatives is projected to be the rapidly expanding segment of the chemical licensing market during the forecast period. In terms of end-use industry, the chemical licensing market has been divided into oil & gas, chemicals, pharmaceuticals, and others. The chemicals segment has been sub-divided into base chemicals, specialty chemicals, polymers, and others. The oil & gas segment constitutes a major share of the chemical licensing market and is likely to maintain its dominance during the forecast period also.
Global Chemical Licensing Market: Regional Outlook
Based on region, the global chemical licensing market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the leading chemical licensing market across the world. The region is also expected to be the rapidly expanding chemical licensing market during the forecast period, due to the increasing demand for process licensing from downstream industries in the region. Growing number of refineries in countries such as India, China, and South Korea would propel the demand for chemical licensing market in the region in the near future. North America is the second-largest consumer of chemical licensing market across the world. Europe is also a significant consumer of chemical licensing market. Latin America and Middle East & Africa are estimated to offer lucrative growth opportunities to the market for chemical licensing in the next few years. The chemical licensing market in Middle East & Africa is largely driven by growth of oil & gas and downstream processing industries in the region.
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Global Chemical Licensing Market: Key Players
Some of the key players operating in the global chemical licensing market are Johnson Matthey (the U.K.), Mitsubishi Chemical Corporation (Japan), Sumitomo (Japan), ExxonMobil (the U.S.), and Shell (the Netherlands).